MONTHLY CHART - CONTINUATION:

After the collapse in prices in 2008 the downmove slowed after testing the 76.4% retracement of the whole 1999-2008 upmove, also finding support from the lower 434 2002 high.

DAILY CHART - JUL-10:

In the Commodity Specialist Guide we have been noting the apparent 5-wave structure from Nov-09 high - now completed there is a good chance for a recovery phase. From the early Apr low the recovery has violated the channel top projection and 23.6% retracement level - an initial bull signal, subsequent pullback notwithstanding.

We had suggested in the Guide that buyers on dips, above 480, would favour initial stops below the 460.50 low, probably targeting modest profits.